Riot Platforms (RIOT) shares jumped in pre-market trade on Monday after the company announced a 20-year, $9.1 billion deal with a “frontier AI lab,” reported by Bloomberg to be Anthropic, though Riot identified the customer only as a “leading frontier AI” company. The agreement is expected to generate approximately $9.1 billion in total contract revenue over its 20-year term, covering 191 MW of capacity delivered in two phases: 96 IT MW in December 2027 and 95 IT MW in June 2028. Riot also signed a non-binding letter of intent with a single tenant covering the full 1 GW capacity at its Corsicana site. Cantor Fitzgerald, Bernstein, Piper Sandler, Citi, and H.C. Wainwright all raised their price targets. H.C. Wainwright posted the largest increase, raising its target to $40 from $25, while Citi increased its target to $32 from $28. Cantor Fitzgerald raised its target to $30 from $23, Bernstein lifted its target to $35 from $30, and Piper Sandler raised its target to $25 from $23. H.C. Wainwright analyst Mike Colonnese said the company delivered on two key proof points, including another large-scale AI data center contract beyond AMD and tangible leasing progress at Corsicana. Citi described the Q2 results and agreement as "transformational." RIOT stock rallied as much